Nu-Oil returns equity held in Enegi Oil under Newfoundland law

Nu-Oil and Gas announced on Monday that it has returned the equity it held in Enegi Oil to Enegi with immediate effect, continuing the implementation of changes it announced on 1 October, in a bid to create a “new direction” for the company.

The AIM-traded firm said the returning of equity to Enegi was completed under Newfoundland corporation law, which allows an investor to donate its holdings in a company back to the company in question at no charge to the company.

At 31 December, being the last published consolidated balance sheet date, the Newfoundland assets had a net carrying value of around £0.27m.

“As a result of this action, Nu-Oil will have no further claim or call on Enegi and, furthermore, it restricts the recourse to Nu-Oil of potential claims made against Enegi,” the Nu-Oil board said in its statement.